Shoppers set to go on a £5billion spree today

SHOPPERS are preparing for a £5billion spending spree in the Boxing Day sales, analysts predicted yesterday.

Almost a third of Britons said they planned to hit the sales online or on the High Street.

Retail revenues plummeted this year, wiping around £17billion off share prices at some of the UK’s biggest chains. Many had started their sales early in the run-up to Christmas.

The tough conditions mean discounts are expected to be the biggest for years as retailers hope to tempt shoppers back.

Analysts found discounts had already hit record levels yesterday, and predicted prices would go even lower over the next few days.

Shoppers were expected to spend more than £1billion online on Christmas Day, and a further £5billion online and in stores today.

Men were tipped to outspend women, spending £227 each, compared with £151 for women, according to research by Barclaycard.

In another blow for Britain’s struggling high streets, 69 per cent of shoppers said they would do most of their shopping online – up from 42 per cent last year.

Meanwhile, research by website Love The Sales found record discounts on offer – averaging at 41 per cent yesterday.

Retailers including John Lewis and Marks & Spencer have all begun their online sales, with eBay and Amazon set to follow suit today.

Management consultancy Deloitte has predicted average discounts will hit 52 per cent during the Boxing Day sales.

A Love The Sales spokesman said consumers were most likely to find bargains in fashion departments, where average discounts were 43 per cent yesterday.